Checklist: Financial Impacts of Career Changes and Transitions
Consider researching salary benchmarks for your new field or region, familiarize yourself with potential changes to benefits like health insurance or retirement, understand how commission or bonus structures may impact income.
Consider the cost of resume and cover letter services, familiarize yourself with potential expenses for networking like event fees and travel, plan for interview-related costs including attire and transportation.
Research costs of skill development courses or certifications if necessary, consider potential income loss if taking time off work for training, explore scholarships or financial aid options.
Consider maintaining an emergency fund for living expenses, familiarize yourself with unemployment benefits and application requirements, and plan a budget for potential employment gaps.
Consider moving expenses such as transportation and packing, research housing costs in the new area, assess cost of living adjustments including utilities and groceries.
Understand options for transferring retirement accounts, consider potential impacts on pension benefits when changing jobs, reassess long-term financial goals to align with the new role’s salary and benefits.
Familiarize yourself with how income changes could affect tax brackets, consider if job search expenses are deductible under local tax laws, check potential relocation tax benefits if moving costs are covered by the employer.
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